Green Dot -29% after guidance slashed

Green Dot (NYSE:GDOT) is getting crushed in early trading after providing a weak guidance update due largely to accelerated investments in initiatives designed to materially grow both the products and platform parts of the its business.
Management update: "We intend to invest an incremental $60M for the purpose of aggressively marketing our new products that are set to launch later this year, and to advance the development and deployment of our BaaS 3.0 and BaaS 4.0 technology platforms in order to meet the increasing demand for these services and capitalize on the resulting revenue opportunities sooner and more assuredly... We expect the incremental $60M investment could deliver over one million incremental active accounts at the exit of 2019, which, at that number of incremental active accounts, would be expected to deliver incremental lifetime revenue of ~$200M to $300M, at an approximate average contribution margin of 50%."
Looking ahead, the company expects Q2 revenue of $261M vs. $283M consensus and full-year revenue of $1.114B to $1.134B vs. $1.14B consensus. Full-year EPS of $2.82 to $2.91 is anticipated vs. $3.59 to $3.67 prior and $3.64 consensus.
On Wall Street, Green Dot was downgraded by Northland Capital Markets to Market Perform from Outperform.
GDOT -28.53% premarket to $45.22.